VIDEO: Corruption Manifestations in Loan Processing - Police Take Action

Recently, advertisements with enticing titles like "quick money" and "easy loans" have been spotted on the streets, in underground passageways, and online. These announcements, it turns out, are primarily scams that manifest in various ways.

Such organizations, naturally, do not possess the appropriate licenses, do not cooperate with banks and credit institutions, and their activities are not monitored by the Central Bank of Armenia. Deceptions also occur through other means. Additionally, the legislative body has recently adopted a relevant law regarding the advertising of loans by unlicensed individuals or organizations.

The police have received numerous alerts and complaints from citizens, banks, and the media concerning these issues. In addition to uncovering such cases, an operational working group has been established based on the Prime Minister's directive, aimed at enhancing the effectiveness of preventing corruption manifestations, illegal payments, and loan sharking during loan processing.

The group comprises officers from various divisions of the police's main department for combating organized crime. Thanks to their efforts, only between July and September of this year, 54 criminal cases have been initiated in the police regarding cases of fraud where individuals were deceived into not receiving goods purchased through installments under the pretext of providing low-interest loans.

We urge unlicensed individuals and organizations to refrain from engaging in illegal activities, and we advise citizens to conduct loan transactions only with licensed banks and organizations under the supervision of the Central Bank of Armenia.